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18/04/2011

AllianceBernstein recrute un gérant actions

AllianceBernstein, la société de gestion américaine du groupe Axa, vient de recruter Kurt Feuerman pour son équipe actions. L’intéressé sera senior vice president et gérant de portefeuille, spécialiste des actions américaines, à compter du 31 mai. Kurt Feuerman vient de Caxton Associates où il est actuellement senior managing director et gérant US. D’ailleurs, AllianceBernstein va devenir gestionnaire et conseiller de plusieurs véhicules actuellement gérés par Kurt Feuerman : Equity Growth, une stratégie long/short, et Alpha Equity, une stratégie long only.
18/04/2011

Très bon premier trimestre pour le pôle gestion de BofA Merrill Lynch

La division Global Wealth and Investment Management (GWIM) de BofA Merrill Lynch a enregistré au premier trimestre 2011 l’un de ses meilleurs résultats trimestriels depuis l’acquisition de Merrill Lynch.Le résultat net du pôle a progressé de 22% au premier trimestre à 531 millions de dollars contre 431 millions de dollars au premier trimestre 2010, pour des produits en progression de 11% sur un an à 4,5 milliards de dollars, tirés notamment par des commissions de gestion en hausse de 6% à 1,5 milliard de dollars. Les actifs sous gestion s’inscrivaient fin mars à 664,4 milliards de dollars, contre 630,4 milliards un trimestre plus tôt mais 721 milliards au terme du premier trimestre 2010. A la fin du premier trimestre 2011, le nombre de conseillers financiers s'élevait à 15.695 alors que le nombre total de conseillers en gestion de fortune s’inscrivait à 17.201, soit dans les deux cas une augmentation de 3% par rapport au premier trimestre 2010. Le bénéfice net du groupe s’est inscrit au premier trimestre à 2 milliards de dollars, soit 17 cents par action, contre 3,2 milliards de dollars, ou 28 cents par action, un an auparavant.
18/04/2011
Fonds

ProShares lance deux ETF

ProShares vient de lancer à New York deux ETF à effet de levier sur les marchés des obligations d’entreprises à haut rendement et des entreprises investment grade.Le ProShares Ultra High Yield cherche à fournir avec un levier de deux la performance quotidienne de l’indice Markit iBoww $ Liquid High Yield Index, avant frais.Le ProShares Ultra Investment Grade Corporate offre quant à lui avec un levier de deux la performance quotidienne du Markit iBoxx $ Liquid High Yield, avant frais.
Fonds
18/04/2011

Ameriprise rachèterait un spécialiste des ETF

Selon les informations d’InvestmentNews, Ameriprise Financial serait sur le point d’acquérir Grail Advisors, société spécialisée dans les ETF actifs aux Etats-Unis. Cela ferait d’Ameriprise un acteur majeur du secteur des ETF. L’opération serait imminente.
18/04/2011

Pimco renforce son équipe dette émergente

Pimco vient de recruter trois gérants pour renforcer son équipe obligataire marchés émergents. Il s’agit notamment de Francesc Balcells, qui rejoindra la société de gestion en juillet en tant qu’executive vice president et gérant de portefeuilles. En plus de gérer les portefeuilles marchés émergents mondiaux et de contribuer à la stratégie d’investissement de la société, il dirigera les initiatives en obligations locales et devises basées à Munich. Francesc Balcells vient de Rogge Global Partners où il était responsable des marchés émergents.La deuxième recrue est Isaac Meng, qui rejoindra la société en avril, et sera basée à Hong Kong. En tant que senior vice president et gérant de portefeuilles, cet ancien économiste de BNP Paribas sera spécialisé dans l’analyse macroéconomique et financière de la Chine et des autres pays de l’Asie.Enfin, Pimco annonce l’arrivée de Javier Romo en mai à Newport Beach. Nommé vice president et gérant de portefeuilles, il se concentrera sur l’analyse «relative value», le trading et la stratégie de portefeuille pour les titres de la zone Amérique latine. Il était précédemment chez Citigroup.
18/04/2011
Fonds

Les ETF ont collecté 10 milliards de dollars en net au premier trimestre en Europe

Les encours des ETF en Europe à fin mars se sont situés selon BlackRock à 307,5 milliards de dollars pour 1.122 produits cotés 3.896 fois sur 23 Bourses (les actifs étaient à 299,1 milliards fin février, lire notre article du 10 mars). Au premier trimestre, les actifs ont ainsi augmenté de 8,3 % (284 milliards de dollars fin 2010) et le nombre d’ETF de 4,7 %. Les ETF en Europe ont drainé en janvier-mars des souscriptions nettes de 10 milliards de dollars, iShares (BlackRock) enregistrant la plus forte collecte avec 4,2 milliards de dollars, devant UBS Global Asset Management (2,8 milliards), tandis que Lyxor Asset Management (Société Générale) subissait les sorties nettes les plus fortes, avec 1,5 milliard de dollars.iShares demeure le promoteur le plus important en Europe avec 167 ETF et un encours de 109,6 milliards de dollars fin mars, ce qui représente une part de marché de 35,7 %. Le deuxième est Lyxor avec 156 ETF et 53,7 milliards de dollars (17,5 % du marché), devant db x-trackers (Deutsche Bank), qui alignait également 156 produits pour un total de 50,6 milliards de dollars et une part de marché de 16,4 %. Le numéro quatre est Credit Suisse Asset Management avec 58 ETF pour 16,6 milliards de dollars d’encours, soit 5,4 % du marché.Sur les 41 émetteurs enregistrés à fin mars (contre 39 fin décembre), les trois premiers pèsent à eux seul 69,6 % des actifs totaux, contre 72,9 % un an auparavant.
Fonds
18/04/2011
Fonds

Hausse de l'activité ETF sur Euronext en mars

En mars, 13 ETF supplémentaires (9 d’Amundi et 4 de Credit Suisse) ont été admis à la négociation sur Euronext Paris, de sorte qu'à la fin du mois la cote des places européennes de NYSE Euronext couvrait 541 ETF cotés au total 637 fois. Depuis le début de l’année, 75 ETF ont été introduits à la cote de NYSE Euronext en Europe, dont 68 cotations primaires et 7 «cross listings».Le nombre et le volume journaliers de transactions ont augmenté en mars tant sur février que par rapport au mois correspondant de l’année dernière (lire notre article du 21 mars).NYSE Euronext indique ainsi avoir enregistré 11.224 transactions en moyenne par jour en mars, contre 9.287 en février et 10.188 en janvier, la hausse par rapport à mars 2010 s’inscrivant à 59,8 %.Le volume journalier moyen est ressorti à 509,9 millions d’euros contre 430,8 millions pour le mois précédent, 473,4 millions en janvier et 291 millions en mars 2010. En glissement annuel, cela représente un bond en avant de 75,2 %.Le spread moyen s’est situé à 28,97 points de base contre 28,15 en février et 28,5 en janvier.
Fonds
18/04/2011

LCF Edmond de Rothschild se renforce dans l'empire du Milieu

La Compagnie Financière Edmond de Rothschild Banque a de grands projets en gestion d’actifs en Chine. Après une hausse de la participation de la banque au capital de Zhonghai Fund Management, qui est passée de 15,4 % à 25 %, la banque a demandé une extension de son quota d’investissement de 600 millions de dollars aux autorités chinoises, rapporte La Tribune. Elle avait obtenu 100 millions en 2006. «Nous espérons l’obtenir cette année», a déclaré Marc Samuel au quotidien.
18/04/2011

BNP Paribas a vendu à Mitsubishi UFJ sa participation dans SYWG BNP Paribas AM

Selon La Tribune, BNP Paribas a officiellement cédé sa participation de 33% dans la société de gestion chinoise SYWG BNP Paribas AM à Mitsubishi UFG. Les 67 % restants sont détenus par Shenyin Wanguo Securities. Selon le quotidien, la part de marché de la société de gestion chinoise représente moins de 1 %.
18/04/2011
Fonds

db-X ETC lance une classe de parts en livres de son ETC sur l'or physique

Compte tenu d’une forte demande, db-X ETC a lancé le 14 avril sur le London Stock Exchange le db Physical Gold GBP Hedged ETC. Il vient compléter le db Physical Gold Euro Hedged ETC, un produit adossé à l’or physique et dont l’encours représente 500 millions d’euros sur le total de 1,2 milliard drainé depuis mars 2010 par cette plate-forme d’ETC (38 actuellement) de la Deutsche Bank.
Fonds
18/04/2011

Le patron de Deloitte-Chypre rejoint Barclays Wealth

Entré en 2011 chez Deloitte où il avait été promu en 2009 associé et head of private client services pour Chypre, Theophanis Theophanous a été recruté comme managing director et ultra high net worth (UHNW) banker par Barclays Wealth.Il est subordonné à Stefanie Drews, head of UHNW & family offices, UK & EMEA. Basé à Londres, il sera également sous la responsabilité de Henry Fischel Bock, head du bureau de Londres pour l’international private bank, EMEA.Cette embauche vient compléter celle, récente, de Solomon Soquart, qui a quitté Citi Private Bank pour prendre la direction du strategic solutions group qui offre aux particuliers très haut de gamme (UHNW) l’accès aux produits et services de Barclays Capital et de Barclays Corporate.
18/04/2011

BNP Paribas sells its stake in SYWG BNP Paribas AM to Mitsubishi UFJ

La Tribune reports that BNP Paribas has officially sold its stake of 33% in the Chinese management firm SYWG BNP Paribas AM to Mitsubishi UFG. The remaining 67% are held by Shenyin Wanguo Securities. The newspaper reports that the Chinese management firm’s market share remains below 1%.
18/04/2011

LCF Edmond de Rothschild builds Chinese activities

La Compagnie Financière Edmond de Rothschild Banque has big plans for asset management in China. After an increase of the bank’s stake in the capital of Zhonghai Fund Management, from 15.4% to 25%, the bank has applied for an extension of its investment quots of USD600m from the Chinese authorities, La Tribune reports. It got USD100m in 2006. “We hope to get it this year,” Marc Samuel tells the newspaper.
18/04/2011

Mirabaud joins Hedge Funds Standards Board

Mirabaud has joined the Hedge Funds Standards Board (HFSB). The asset management firm has also signed up to the group’s principles for good practices in the hedge fund industry.
18/04/2011

Church of England preaches against large bonuses

The Church of England, which has a portfolio of GBP5.3bn in assets managed by the Church Commissioners, has informed businesses in which it holds a stake that it will not be supporting pay scales in which high level directors receive bonuses four times larger than their annual salaries, the Financial Times reports. Ten major British companies are above this level currently.
18/04/2011

Head of Deloitte Cyprus joins Barclays Wealth

Theophanis Thephanous, who in 2001 joined Deloitte, and in 2009 was promoted to head of private client services for Cyprus, has been recruited as managing director and ultra high net worth (UHNW) banker at Barclays Wealth.He will report to Stefanie Drews, head of UHNW & family offices, UK & EMEA. He will be based in London, and will also report to Henry Fischel Bock, head of the London office for international private banking, EMEA.The recruitment follows the recent appointment of Solomon Soquart, who left Citi Bank to become director of strategic solutions for the group, offering ultra-high net worth investors (UHNW) access to products and services from Barclays Capital and Barclays Corporate.
18/04/2011

ProShares launches two ETFs

ProShares is launching ETFs providing magnified exposure to the high yield and investment grade corporate bond markets. ProShares Ultra High Yield seeks to provide 2x the daily performance of the Markit iBoxx $ Liquid High Yield Index, before fees and expenses. ProShares Ultra Investment Grade Corporate seeks to provide 2x the daily performance of the Markit iBoxx $ Liquid High Yield Index, before fees and expenses.
18/04/2011

Pimco adds to emerging markets debt team

Pimco is expanding its emerging market fixed income team through the hiring of three additional portfolio managers to enhance its expertise in emerging markets. Francesc Balcells, an executive vice president and portfolio manager, will join the firm in July. In addition to managing global emerging markets portfolios and contributing to the firm’s investment strategies, he will lead the local bonds and currency initiatives based in Munich. Francesc Balcells joins Pimco from Rogge Global Partners where he was head of emerging markets. In 2004-2005 he spent a year at Pimco on secondment from the International Monetary Fund where he worked earlier in his career. Isaac Meng, a senior vice president and portfolio manager, will join the firm in April, based in the Hong Kong office. He will specialize in macroeconomic and financial analysis of China and regional linkages integral to portfolio strategy. He was previously a director and senior financial economist at BNP Paribas, where he focused on China, including macroeconomics and equities.Javier Romo, a vice president and portfolio manager, will join the firm in May based in the Newport Beach office. He will focus on relative value analysis, trading and portfolio strategy for Latin American sovereign credit, foreign exchange, and local interest rate products. He was previously a vice president with Citigroup, where he focused on trading hard currency bonds and credit default swaps in Latin America.
18/04/2011

Very good first quarter for asset management unit of BofA Merrill Lynch

The Global Wealth and Investment Management (GWIM) of BofA Merrill Lynch in first quarter 2011 posted one of its best quarterly results since its acquisition of Merrill Lynch.Net profits for the unit rose 22% in first quarter, to USD531bn, compared with USD431bn in first quarter 2010, on revenues up 11% year on year to USD4.5bn, largely due to a 6% rise in management commission revenues to USD1.5bn.Assets under management as of the end of March totalled USD664.4bn, compared with USD631.4bn one quarter earlier, but USD721bn at the end of first quarter 2010.At the end of first quarter 2011, the number of financial advisers at the firm totalled 15,695, while the total number of independent financial advisers totalled 17,201, both up 3% compared with first quarter 2010.
18/04/2011

Ameriprise interested in Grail Advisors

According to reports in InvestmentNews, Ameriprise Financial is said to be about to acquire Grail Advisors, an asset management firm specialised in ETFs in the United States. That would make Ameriprise a major player in the ETF sector. The deal is said to be imminent.
18/04/2011

AllianceBernstein recruits an equities manager

AllianceBernstein, the asset management company owned by Axa, has announced that Kurt Feuerman will join the firm’s equity investment management team as senior vice president and portfolio manager, US equities, on or shortly after May 31, 2011. Kurt Feuerman will join the firm from Caxton Associates, where he is currently a senior managing director and a US portfolio manager. On May 31, AllianceBernstein will also assumre the role of investment manager and trading advisor for several investment vehicles managed by Feuerman: Equity Growth, a long/short strategy, and Alpha Equity, a long-only strategy.
18/04/2011

Solvency II is too strict in real estate

One of the key proposals of the proposed Solvency II legislation, the application of a 25% owners’ equity coverage requirement for real estate investments of insurance companies, is a step too far, according to a study by Investment Property Databank (IPD) published on 15 April (“The IPD Solvency II Review: Informing a New Regulatory Framework for Real Estate”).According to IPD, the rate could be lowered to 15% without endangering the goals of the regulations. IPD observes that the European insurance supervision authority (EIOPA) has focused in its approach on changes to property values in the United Kingdom, which were higher than average. If analysis is widened to Europe in general, IPD continues, scenarios look much different and are much more representative of European markets, which calls for a reevaluation of owners’ equity requirements.The research project, which produced a 50-page research document, was ordered by seven European associations, led by Inrev (the European association for investors in non-listed real estate vehicles), supported by the Association of British Insurers (ABI), The British Property Foundation (BPF), and the German asset management association (BVI), the European public real estate association (EPRA), the property investment forum (IPF), and the German real estate federation (ZIA).
18/04/2011

ESMA holds consultation on enactment of AIFM directive

The European Securities and Markets Authority (ESMA) on 15 April announced the publication of a working document which lays out its approach to the transposition of the AIFM directive.ESMA points out that at this stage suggestions for this enactment of the legislation in national law have not been formulated, and with this in mind it is seeking the opinions of market participants in relation to several issues, including the identification of portfolios under management by hedge funds, valuations, and the influence of leverage on assets under management.On the basis of comments received on all these subjects, ESMA will formulate proposals during summer 2011, which will then be subject to a consultation.
18/04/2011

Increase in global assets in and number of ETF funds

As of the end of March, total assets under management in ETFs worldwide came to USD1.3394trn, compared with USD1.3674trn as of the end of February (see Newsmanagers of 10 March), and USD1.0819trn twelve months previously. As of the end of December, total assets stood at USD1.3313trn, according to statistics from BlackRock. The increase observed in first quarter came to 6.7%.Assets were managed in 2,605 ETF funds, listed 5,905 times, from 142 issuers, listed on 48 stock markets. One year earlier, there were 2,131 ETF funds listed 4,133 times, from 123 issuers, on 42 stock markets. In the first three months of the year, the number of ETFs increased by 5.9%, with 163 launmches and 18 mergers, compared with a 9.4% increase in the corresponding period of 2010 (193 launches and 10 closures).BlackRock says that seven providers have debuted on the ETF market in January-March, while 37 others are planning to launch their first ETFs in the near future.There are currently plans to launch 1,051 ETFs.Net subscriptions in first quarter for ETFs totalled USD41.4bn. Worldwide, iShares remains the largest provider, with 461 ETFs and assets of USD609.3bn, which corresponds to a market share of 43.5%. It is followed by State Street Global Advisors (118 ETFs, USD200.4bn and 14.3%), and Vanguard (66 products, USD164.7bn, and 11.8%). Lyxor Asset Management (Société Générale) and db x-trackers (Deutsche Bank) are in fourth and fifth place, respectively, with USD54.5bn and USD51.8bn, and market shares of 3.9% and 3.7%.
18/04/2011

How UBS and Luxalpha worked with Bernard Madoff: First revelations

In an internal document, UBS has described the operation of the Luxalpha Sicav, for which it was the depository, administrator and manager, an article in Les Echos reports. The newspaper says that the Operating Memorandum (OPMEM) for Luxalpha, the Sicav fund which had ties to the fraud scheme rigged up by Bernard Madoff, throws some light on the arrangements that upheld between the protagonists for the Luxembourg Sicav. The OPMEM clearly cites Bernard Madoff, who appears as a sub-depository of UBS Luxembourg.
18/04/2011

Swiss & Global registers inflation-linked emerging markets bond fund in Spain

The Julius Baer Multibond – Emerging Markets Inflation Linked Bond Fund has been registered with the CNMV, which will allow Swiss & Global Asset Management to offer the fund, launched on 17 December, which invests in emerging markets inflation-linked bonds denominated in local currencies (see Newsmanagers of 25 January) for sale in Spain. As of the end of March, the UCITS III-compliant product had assets of EUR167.8bn.
18/04/2011

BBVA recruits head of marketing from Schroders

Mencia Berreiros Juste, who since February 2007 had been director of marketing for Spain and Portugal at Schroders, is joining BBVA as director of marketing and advertising for the wholesale banking and asset management sectors.
18/04/2011

Lazard recruits a former director of Urquijo

Funds People reports that Manuel San Salvador, who for five years, until November 2010, was deputy director of Banco Urquijo (Sabadell group), has joined the investment bank Lazard as head of the new European wealth management, private banking and fund distribution division for Spain.
18/04/2011

Pension funds have lost 0.25% per year

According to statistics from the Inverco association, management firms and individual pension funds in Spain (EUR51.76bn in assets in 1,258 products) in March saw average losses of 0.25% year on year, while equities products have earned returns of 4.47%. It is true that guaranteed funds have seen average losses of 3.90%. The weighted average for funds overall comes to 0.23% over 5 years, 1.31% over 10 years, and 3.55% over 15 years.
18/04/2011

Net inflows of USD10bn for ETFs in Europe in first quarter

Assets in ETFs in Europe as of the end of March, according to BlackRock, totalled USD307.5bn, in 1,122 products listed 3,896 times on 23 stock markets. In first quarter, assets increased by 8.3% (USD284bn as of the end of 2010), and the number of ETFs rose by 4.7%.ETFs in Europe attracted net subscriptions in January-March of USD10bn, with the largest inflows for iShares (BlackRock), at USD4.2bn, followed by UBS Global Asset Management, with USD2.8bn, while Lyxor Asset Management( Société Générale) had the largest net outflows, totalling USD1.5bn.iShares remains the largest provider in Europe, with 167 ETFs and assets of USD109.6bn as of the end of March, which represents a market share of 35.7%. Lyxor is in second place, with USD53.7bn (17.5% of the market), followed by db x-trackers (Deutsche Bank), with 156 products and a total of USD50.6bn, and a market share of 16.4%. In fourth place is Credit Suisse Asset Management, with 58 ETFs, and USD16.6bn in assets, equivalent to 5.4% of the market.Of the 41 issuers registered as of the end of March (compared with 39 as of the end of December), the three largest asset management firms accounted for 69.6% of total assets, compared with 72.9% one month previously.

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